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Over 3 ATM withdrawals to be charged

withdrawals

New Delhi: The government is considering a proposal to reduce the free ATM withdrawals to three per month including from banks where one holds an account sources said.

This proposal floated by bankers, was discussed in the pre budget consultations with the finance ministry.

Currently, most banks allow own customers up to five free ATM transactions every month after which a fee of Rs 20 per transaction plus service tax is applied. For non customers, banks offer three free transactions in top six metros Mumbai, New Delhi, Chennai, Kolkata, Bengaluru and Hyderabad and five free transactions in the remaining cities. These rules have been there since Nov 2014.

Notably, bankers believe if only three transactions are allowed per customer then people will be pushed towards digital transactions.

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